1 Dec 2014
USD/CAD keeps falling, near 1.1320
FXStreet (Edinburgh) - The greenback remains on the back footing vs. the CAD on Monday, confining USD/CAD to the lower band of the intraday range around 1.1325/20.
USD/CAD weaker on data, WTI
As the greenback continues to debilitate, the Canadian dollar is gaining ground following the recovery in the prices of the crude oil, with the West Texas Intermediate now regaining the $72.00/bbl handle after dropping to the vicinity of $67.00/bbl in early trade. In the data space, Canadian manufacturing PMI came in unchanged at 55.3 while the US ISM manufacturing bettered forecasts at 58.7 vs. 57.8 expected. Ahead of the BoC monetary policy meeting on Wednesday, analysts at TD Securities, suggested, “Given that we are not expecting any major news from the BoC, commodity prices in general, and crude oil prices in particular should remain more of a commanding force on the CAD in the coming days”.
USD/CAD relevant levels
As of writing the pair is now losing 0.93% at 1.1331 with the next support at 1.1325 (low Nov.28) followed by 1.1300 (psychological level) and then 1.1235 (low Nov.27). On the upside, a breakout of 1.1459 (high Dec.1) would open the door to 1.1466 (2014 high Nov.5) and then 1.1500 (psychological level).
USD/CAD weaker on data, WTI
As the greenback continues to debilitate, the Canadian dollar is gaining ground following the recovery in the prices of the crude oil, with the West Texas Intermediate now regaining the $72.00/bbl handle after dropping to the vicinity of $67.00/bbl in early trade. In the data space, Canadian manufacturing PMI came in unchanged at 55.3 while the US ISM manufacturing bettered forecasts at 58.7 vs. 57.8 expected. Ahead of the BoC monetary policy meeting on Wednesday, analysts at TD Securities, suggested, “Given that we are not expecting any major news from the BoC, commodity prices in general, and crude oil prices in particular should remain more of a commanding force on the CAD in the coming days”.
USD/CAD relevant levels
As of writing the pair is now losing 0.93% at 1.1331 with the next support at 1.1325 (low Nov.28) followed by 1.1300 (psychological level) and then 1.1235 (low Nov.27). On the upside, a breakout of 1.1459 (high Dec.1) would open the door to 1.1466 (2014 high Nov.5) and then 1.1500 (psychological level).